We see a robust festive season building up: Abhay Pruthi, CRED

Fintech company, CRED, started as a reward-based credit card payment application. Amid all the challenges of a pay-later industry, CRED has managed to start a smaller curated commerce platform under the name of CRED Store. They have made it into a curated marketplace for brands to make the most out of loyal consumers.

With the festive season here, Abhay Pruthi who leads CRED Commerce speaks to exchange4media about the establishment of the CRED Store and how they are looking at a very successful festive season this year as brands begin spending through their pockets to make most out of the season.

Could you tell us a little about the CRED Store and how it functions?

CRED Store, launched in 2020, is a curated marketplace with a member-exclusive selection of products and experiences at member-only prices that complement your taste. CRED store provides a platform to D2C, homegrown, and established brands to create discovery and the opportunity to experiment with new brands and innovative products for CRED’s premium member base. Built on a zero-commission model, the Store has on-boarded over 1000 brands and 5000 products. Members can purchase directly on the app using a combination of their CRED coins and cash.

The store offers value to businesses by providing them access to the top 1% of the community who contribute to a significant share of commerce expenditure. This is an attractive proposition to brands who can create focussed engagements for a digital community of high-value customers. With Store, brands have the option to drive trials for their products amongst CRED members and offer them exclusive or limited-edition products to earn loyalty. Some of the brand partners we work with include Bombay Shaving Company, MCaffeine, Kama Ayurveda, WOW and Moms Co, among others.

What was the idea behind the CRED Store?

The idea was to provide a seamless and fulfilling shopping experience for CRED members, who are the top 1% of premium customers and contribute to a significant share of commerce expenditure. The store is designed to offer rewarding shopping experiences on the app, where members can purchase unique, handpicked, and curated products and experiences. The store brings niche and established brands across wellness and grooming, electronics, food and beverage, and more at the best prices reserved exclusively for members.

How many brands does it have now and could you name some of the big ones you are partnered with? What are your ways to engage with brands?

CRED store offers around 1000+ brands and 5000+ products across various categories. This includes new-age brands like Bombay Shaving Company, MCaffeine, The Man Company, Moms Co, The Whole Truth, Blue Tokai, 4700 BC, Vahdam, Third Wave Coffee, Skyvik, Wingreens, Nutella etc., and others. The Store also offers other luxury brands, including Bulgari and Tommy Hilfiger. Since launching the zero-commission initiative for the CRED partners, we have waived off listing fees for onboarding and commissions from any sale for all brand partners to build trust & be their partners in growth.

Do give us an insight into the festive season and how the traction has been so far on CRED Store.

On CRED Store, during our Independence Day sale event, we created an exciting shopping experience in collaboration with brand partners. This included offering members a quality-first curation across categories that was refreshed daily, along with shoptainment formats like raffles with marquee brands and interesting deals. As a result, we were able to drive significantly high order volume for brand partners like TagZ, Hammer, Zoff etc, doing 40k-50k transactions in a day with one product. Curated e-commerce platforms allow D2C brands to compete more effectively alongside legacy brands- earning them audience attention and engagement at a depth that would not be feasible through paid customer acquisition on traditional channels.

We see a robust festive season building up. For the retail industry, the festive season is an important opportunity for maximum transactions and engagement with the customers. During this time, consumers’ discretionary spending increases owing to festive shopping and gifting. The August RBI report also states that the consumer demand this festive season will see an uptick, indicating that shopping on e-commerce too will witness a boost.

What kind of consumer engagement does CRED see with the store and what is the next focus and expansion plans for it?

CRED store drives engagement for members by building discovery and engaging fun social formats to shop and value deals. CRED members get access to best price guarantees, exclusive products, curated offers, and rewards in exchange for their CRED coins. Discovery initiatives like shopping festivals, CRED Drops events at the beginning of every month, category curations (CRED Tea Room, Coffee Store, Luxury Collection), and engagement constructs like jackpots provide a platform for members to interact with the Store and brands extensively.

What more product line-up does CRED have for the next year?

We are constantly experimenting with new products to add to our platform, enabling members to shop from a trusted ecosystem that lets them filter out bad quality products or high prices without many intermediaries. We work directly with 100% of brands to curate products & perks exclusively for our members. This allows members to save, spend, and grow their money responsibly. Freshness is key to the store, and we keep launching new products daily to drive trends and introduce new concepts snf quality products that otherwise get unnoticed in search-first marketplaces.